We've merged effective January 1, 2020 and while this website may still bear the name and logo of Westminster Savings Credit Union, we are in the process of revising all print and digital materials to bear the name of the new legal entity - Prospera Credit Union. We appreciate your patience during this transitional period.

RRSP Loans

Sometimes it makes sense to borrow money so that you can earn money. A Westminster Savings RRSP loan may be just what you need to start maximizing your savings today.

Readvanceable RRSP loan

With a Westminster Savings Readvanceable RRSP loan you can apply once and borrow money at a low rate every year to contribute to your RRSPs. It's easy to set up and simple to keep using every year. Read more

Catch-Up RRSP Loan

A Westminster Savings Catch-Up RRSP loan helps you take advantage of unused RRSP contribution room. Maximize your RRSPs: use a longer loan term to "catch up" on large amounts of unused contribution room or to lower your monthly payments. Read more

Act Now! Apply for a RRSP loan

  • using a secure application form
  • Phone our Member Service Centre at 604-517-0100 (toll-free 1-877-506-0100)
  • Visit your closest branch to speak to a mortgage specialist

Why RRSP loans make sense

If you don't have money available to contribute to an RRSP then using an RRSP loan to make your contribution can make sense.

RRSP loan rates are very low so you won't pay a lot of interest over the term of an RRSP loan. However, the tax refund that you can receive when you use your RRSP loan to make even a small RRSP contribution is usually much more - even 10 times more! - than the interest you'll pay on the loan. Plus you'll earn interest on your RRSP investment!

Of course you want the best options for your circumstances. Speak to a Westminster Savings representative to help figure out the best choices for you.